Regulations

To date, we have published the following regulations for comment:

• Draft Prospectus and Related Registration Exemptions
• Draft Initial Regulations

Draft Prospectus and Related Registration Exemptions

The release of the draft prospectus and related registration exemptions under the Capital Markets Act of the participating provinces and territory is part of the publication of the regulations related to the Cooperative System. These regulations were not included in the draft initial regulations published in the summer of 2015 because work on them had not been completed. A Commentary explains how the draft prospectus and related registration exemptions were developed and the changes from the existing exemptions of the participating provinces and territory. Readers are urged to refer to the Commentary as they review the draft prospectus and related registration exemptions.

Comment letters on the draft prospectus and related registration exemptions have been posted.

List of Prospectus and Related Registration Exemptions and Related Documents

This section contains the proposed prospectus and related registration exemptions and related documents.

National Instrument 45-102 Resale of Securities
National Instrument 45-106 Prospectus Exemptions
Multilateral Instrument 45-108 Crowdfunding
CMRA Regulation 45-501 Prospectus and Registration Exemptions

Date	Document
May 8, 2018	National Instrument 45-102 Resale of Securities 45-102CP Resale of Securities 45-102F1 Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities
May 8, 2018	National Instrument 45-106 Prospectus Exemptions 45-106CP Prospectus Exemptions 45-106F1 Report of Exempt Distribution 45-106F2 Offering Memorandum for Non-Qualifying Issuers 45-106F3 Offering Memorandum for Qualifying Issuers 45-106F4 Risk Acknowledgement 45-106F7 Information Memorandum for Short-term Securitized Products Distributed under Section 2.35.1 45-106F8 Monthly Disclosure Report for Short-term Securitized Products Distributed under Section 2.35.1 45-106F9 Form for Individual Accredited Investors 45-106F12 Risk Acknowledgement Form for Family, Friend and Business Associate Investors 45-106F14 Rights Offering Notice for Reporting Issuers 45-106F15 Rights Offering Circular for Reporting Issuers 45-106F16 Notice of Use of Proceeds 45-106F17 Notice of Specified Key Events
May 8, 2018	Multilateral Instrument 45-108 Crowdfunding 45-108CP Crowdfunding 45-108F1 Crowdfunding Offering Document 45-108F2 Risk Acknowledgement 45-108F3 Confirmation of Investment Limits 45-108F4 Notice of Specified Key Events 45-108F5 Personal Information Form and Authorization to Collect, Use and Disclose Personal Information
May 8, 2018	CMRA Regulation 45-501 Prospectus and Registration Exemptions 45-501CP Prospectus and Registration Exemptions 45-501F1 Notice of Intention to Rely on Exemption in Subsection 2(3)of CMRA Regulation 45-501 45-501F2 Start-up Crowdfunding – Offering Document 45-501F3 Start-up Crowdfunding – Risk Acknowledgement 45-501F4 Start-up Crowdfunding – Funding Portal Information Form 45-501F5 Start-up Crowdfunding – Funding Portal – Individual Information Form 45-501F6 Investor/Lender Information Sheet 45-501F7 Offering Memorandum – Real Estate Securities 45-501F8 LSVCC Securities Offering Disclosure (Saskatchewan) 45-501F9 Offering Document for Community Economic Development Corporations and Associations (New Brunswick) 45-501F10 Notice of Specified Events (New Brunswick and Prince Edward Island) 45-501F11 Offering Document for Community Economic Development Businesses – Corporations (Prince Edward Island) 45-501F12 Offering Document for Community Economic Development Businesses – Associations (Prince Edward Island) Start‐up Crowdfunding Guide for Businesses Start‐up Crowdfunding Guide for Funding Portals Start‐up Crowdfunding Guide for Investors

Draft Initial Regulations

The release of the draft initial regulations under the Capital Markets Act of the participating provinces and territory is part of the 2015 summer publication of legislation and regulations related to the Cooperative System. A Commentary explains how the draft initial regulations were developed and the changes from the existing regulations, rules, forms and policies of the participating provinces and territory. Readers are urged to refer to the Commentary as they review the draft initial regulations.

At this stage, no regulations will be proposed under the Capital Markets Stability Act (Canada). Ultimately, regulations under the Capital Markets Stability Act (Canada) will address two subjects: data collection and systemic risk mitigation.

Comment letters on the revised consultation draft provincial/territorial Capital Markets Act (CMA) and draft initial regulations have been posted.

Documents

Commentary on the draft initial regulations under the provincial/territorial Capital Markets Act
List of Capital Markets Regulatory Authority (CMRA) Regulations and Related Documents
List of National and Multilateral Instruments Included in Draft Initial Regulations and Related Documents

---

List of Capital Markets Regulatory Authority (CMRA) Regulations and Related Documents

This section contains proposed CMRA regulations and related documents. They are grouped according to the Canadian Securities Administrators (CSA) numbering system.

1 – Procedure and Related Matters
2 – Certain Capital Market Participants
3 – Registration Requirements and Related Matters
4 – Prospectus Requirements and Exemptions
5 – Disclosure and Proxies
7 – Securities Transactions Outside the Jurisdiction
8 – Investment Funds
9 – Derivatives

Date	Document
August 25, 2015	CMRA Regulation 11-501 Definitions, Procedure, Civil Liability and Related Matters 11-501CP Definitions, Procedure, Civil Liability and Related Matters
August 25, 2015	CMRA Regulation 21-501 Certain Capital Market Participants
August 25, 2015	CMRA Regulation 31-501 Registration Requirements, Exemptions and Related Matters 31-501CP Registration Requirements, Exemptions and Related Matters 31-501F1 Undertaking to the Authority 31-501F2 Investment Dealer Trading in OTC Issuer Securities 31-501F3 Submission to Jurisdiction and Appointment of Agent for Service for International Investment Fund Manager 31-501F4 Notice of Regulatory Action
August 25, 2015	CMRA Regulation 41-501 Prospectus Requirements and Exemptions 41-501CP Prospectus Requirements and Exemptions
August 25, 2015	CMRA Regulation 51-501 Disclosure and Proxies
August 25, 2015	CMRA Regulation 71-501 International Issuers and Securities Transactions with Persons Outside the CMR Jurisdictions 71-501CP International Issuers and Securities Transactions with Persons Outside the CMR Jurisdictions
August 25, 2015	CMRA Policy 71-601 Distribution of Securities to Persons Outside CMR Jurisdictions
August 25, 2015	CMRA Regulation 81-501 Investment Funds
August 25, 2015	CMRA Regulation 91-501 Derivatives and Strip Bonds 91-501CP Derivatives and Strip Bonds 91-501F1 Submission to Jurisdiction and Appointment of Agent for Service 91-501F2 Notice of Regulatory Action 91-501F3 Strip Bonds and Strip Bond Packages Information Statement
August 25, 2015	CMRA Regulation 91-502 Trade Repositories and Derivatives Data Reporting 91-502CP Trade Repositories and Derivatives Data Reporting 91-502F1 Application for Designation and Trade Repository Information Statement 91-502F2 Submission to Jurisdiction and Appointment of Agent for Service of Process 91-502F3 Cessation of Operations Report for Trade Repository

 

---

List of National and Multilateral Instruments Included in Draft Regulations and Related Documents

---

This section contains proposed National and Multilateral Instruments and related documents. They are grouped according to the Canadian Securities Administrators (CSA) numbering system.

1 – Procedure and Related Matters
2 – Certain Capital Market Participants
3 – Registration Requirements and Related Matters
4 – Prospectus Requirements and Exemptions
5 – Disclosure and Proxies
6 – Take-Over Bids and Special Transactions
7 – Securities Transactions Outside the Jurisdiction
8 – Investment Funds
National Policy Statement 29

Date	Document
August 25, 2015	National Policy 11-201 Electronic Delivery of Documents
August 25, 2015	National Policy 12-202 Revocation of a Compliance-Related Cease Trade Order
August 25, 2015	National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults
August 25, 2015	National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR)
August 25, 2015	National Instrument 14-101 Definitions
August 25, 2015	National Instrument 21-101 Marketplace Operation 21-101CP Marketplace Operation 21-101F1 Information Statement Exchange or Quotation and Trade Reporting System 21-101F2 Initial Operation Report Alternative Trading System 21-101F3 Quarterly Report of Marketplace Activities 21-101F4 Cessation of Operations Report for Alternative Trading System 21-101F5 Initial Operation Report for Information Processor 21-101F6 Cessation of Operations Report for Information Processor
August 25, 2015	National Instrument 23-101 Trading Rules 23-101CP Trading Rules
August 25, 2015	National Instrument 23-102 Use of Client Brokerage Commissions 23-102CP Use of Client Brokerage Commissions
August 25, 2015	National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces 23-103CP Electronic Trading and Direct Electronic Access to Marketplaces
August 25, 2015	National Instrument 24-101 Institutional Trade Matching and Settlement 24-101CP Institutional Trade Matching and Settlement 24-101F1 Registered Firm Exception Report of DAP/RAP Trade Reporting and Matching 24-101F2 Clearing Agency Quarterly Operations Report of Institutional Trade Reporting and Matching 24-101F3 Matching Service Utility Notice of Operations 24-101F4 Matching Service Utility Notice of Cessation of Operations 24-101F5 Matching Service Utility Quarterly Operations Report of Institutional Trade Reporting and Matching
August 25, 2015	National Instrument 25-101 Designated Rating Organizations 25-101F1 Designated Rating Organization Application and Annual Filing 25-101F2 Submission to Jurisdiction and Appointment of Agent for Service of Process
August 25, 2015	National Instrument 31-102 National Registration Database 31-102CP National Registration Database
August 25, 2015	National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations 31-103F1 Calculation of Excess Working Capital 31-103F2 Submission to Jurisdiction and Appointment of Agent for Service 31-103F3 Use of Mobility Exemption 31-103F4 Net Asset Value Adjustments (published December 4, 2015)
August 25, 2015	National Instrument 33-105 Underwriting Conflicts 33-105CP Underwriting Conflicts
August 25, 2015	National Instrument 33-109 Registration Information 33-109CP Registration Information 33-109F1 Notice of Termination of Registered Individuals and Permitted Individuals 33-109F2 Change or Surrender of Individual Categories 33-109F3 Business Locations other than Head Office 33-109F4 Registration of Individuals and Review of Permitted Individuals 33-109F5 Change of Registration Information 33-109F6 Firm Registration 33-109F7 Reinstatement of Registered Individuals and Permitted Individuals
August 25, 2015	National Instrument 35-101 Conditional Exemption from Registration for United States Broker-Dealers and Agents 35-101CP Conditional Exemption from Registration for United States Broker-Dealers and Agents 35-101F1 Form of Submission to Jurisdiction and Appointment of Agent for Service of Process by Broker-Dealer 35-101F2 Form of Submission to Jurisdiction and Appointment of Agent for Service of Process by Agents of the Broker-Dealer
August 25, 2015	National Instrument 41-101 General Prospectus Requirements 41-101CP General Prospectus Requirements 41-101F1 Information Required in a Prospectus 41-101F2 Information Required in an Investment Fund Prospectus 41-101F3 Information Required in a Scholarship Plan Prospectus
August 25, 2015	National Policy 41-201 Income Trusts and other Indirect Offerings
August 25, 2015	National Instrument 43-101 Standards of Disclosure for Mineral Projects 43-101CP Standards of Disclosure for Mineral Projects 43-101F1 Technical Report
August 25, 2015	National Instrument 44-101 Short Form Prospectus Distributions 44-101CP Short Form Prospectus Distributions 44-101F1 Short Form Prospectus
August 25, 2015	National Instrument 44-102 Shelf Distributions 44-102CP Shelf Distributions
August 25, 2015	National Instrument 44-103 Post-Receipt Pricing 44-103CP Post-Receipt Pricing
August 25, 2015	National Instrument 45-101 Rights Offerings 45-101CP Rights Offerings 45-101F1 Information Required in a Rights Offering Circular
August 25, 2015	National Policy 46-201 Escrow for Initial Public Offerings 46-201F1 Escrow Agreement
August 25, 2015	National Policy 47-201 Trading Securities Using the Internet and Other Electronic Means
August 25, 2015	National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities 51-101CP Standards of Disclosure for Oil and Gas Activities 51-101F1 Statement of Reserves Data and Other Oil and Gas Information 51-101F2 Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor 51-101F3 Report of Management and Directors on Oil and Gas Disclosure 51-101F4 Notice of Filing 51-101F1 Information 51-101F5 Notice of Ceasing to Engage in Oil and Gas Activities
August 25, 2015	National Instrument 51-102 Continuous Disclosure Obligations 51-102CP Continuous Disclosure Obligations 51-102F1 Management’s Discussion and Analysis 51-102F2 Annual Information Form 51-102F3 Material Change Report 51-102F4 Business Acquisition Report 51-102F5 Information Circular 51-102F6 Statement of Executive Compensation
August 25, 2015	Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets 51-105CP Issuers Quoted in the U.S. Over-the-Counter Markets 51-105F1 Notice – OTC Issuer Ceases to be an OTC Reporting Issuer 51-105F2 Notice of Promotional Activities 51-105F3A Personal Information Form and Authorization of Indirect Collection, Use and Disclosure of Personal Information 51-105F3B Personal Information Form and Authorization of Indirect Collection, Use and Disclosure of Personal Information 51-105F4 Notice – Issuer Ceases to be an OTC Reporting Issuer
August 25, 2015	National Policy 51-201  Disclosure Standards
August 25, 2015	National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards 52-107CP Acceptable Accounting Principles and Auditing Standards
August 25, 2015	National Instrument 52-108 Auditor Oversight 52-108CP Auditor Oversight
August 25, 2015	National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings 52-109CP Certification of Disclosure in Issuers’ Annual and Interim Filings 52-109F1 Certification of Annual Filings – Full Certificate 52-109F1 AIF Certification of Annual Filings in Connection with Voluntarily Filed AIF 52-109F1 IPO/RTO Certification of Annual Filings Following an Initial Public Offering, Reverse Takeover or Becoming a Non-Venture Issuer 52-109F1R Certification of Refiled Annual Filings 52-109F2 Certification of Interim Filings – Full Certificate 52-109F2 IPO/RTO Certification of Interim Filings Following an Initial Public Offering, Reverse Takeover or Becoming a Non-Venture Issuer 52-109F2R Certification of Refiled Interim Filings 52-109FV1 Certification of Annual Filings – Venture Issuer Basic Certificate 52-109FV2 Certification of Interim Filings – Venture Issuer Basic Certificate
August 25, 2015	National Instrument 52-110 Audit Committees 52-110CP Audit Committees 52-110F1 Audit Committee Information Required in an AIF 52-110F2 Disclosure by Venture Issuers
August 25, 2015	National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer 54-101CP Communication with Beneficial Owners of Securities of a Reporting Issuer 54-101F1 Explanation to Clients and Client Response Form 54-101F2 Request for Beneficial Ownership Information 54-101F3 Omnibus Proxy (Depositories) 54-101F4 Omnibus Proxy (Proximate Intermediaries) 54-101F5 Electronic Format for NOBO List 54-101F6 Request for Voting Instructions made by Reporting Issuer 54-101F7 Request for Voting Instructions made by Intermediary 54-101F8 Legal Proxy 54-101F9 Undertaking 54-101F10 Undertaking
August 25, 2015	National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI) 55-102CP System for Electronic Disclosure by Insiders (SEDI) 55-102F1 Insider Profile 55-102F2 Insider Report 55-102F3 Issuer Profile Supplement 55-102F4 Issuer Event Report [F] 55-102F5 SEDI User Registration Form 55-102F6 Insider Report
August 25, 2015	National Instrument 55-104 Insider Reporting Requirements and Exemptions 55-104CP Insider Reporting Requirements and Exemptions
August 25, 2015	National Instrument 58-101 Disclosure of Corporate Governance Practices 58-101F1 Corporate Governance Disclosure 58-101F2 Corporate Governance Disclosure (Venture Issuers)
August 25, 2015	National Policy 58-201 Corporate Governance Guidelines
August 25, 2015	Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions 61-101CP Protection of Minority Security Holders in Special Transactions
August 25, 2015	National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues
August 25, 2015	Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids 62-104F1 Take-Over Bid Circular 62-104F2 Issuer Bid Circular 62-104F3 Directors’ Circular 62-104F4 Director’s or Officer’s Circular 62-104F5 Notice of Change or Notice of Variation
August 25, 2015	National Policy 62-202 Take-Over Bids – Defensive Tactics
August 25, 2015	National Instrument 62-203 Take-Over Bids and Issuer Bids
August 25, 2015	National Instrument 71-101 The Multijurisdictional Disclosure System 71-101CP The Multijurisdictional Disclosure System 71-101F1 Forms of Submission to Jurisdiction and Appointment of Agent for Service of Process
August 25, 2015	National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers 71-102CP Continuous Disclosure and Other Exemptions Relating to Foreign Issuers
August 25, 2015	National Instrument 81-101 Mutual Fund Prospectus Disclosure 81-101CP Mutual Fund Prospectus Disclosure 81-101F1 Contents of Simplified Prospectus 81-101F2 Contents of Annual Information Form 81-101F3 Contents of Fund Facts Document
August 25, 2015	National Instrument 81-102 Investment Funds 81-102CP Investment Funds
August 25, 2015	National Instrument 81-104 Commodity Pools 81-104CP Commodity Pools
August 25, 2015	National Instrument 81-105 Mutual Fund Sales Practices 81-105CP Mutual Fund Sales Practices
August 25, 2015	National Instrument 81-106 Investment Fund Continuous Disclosure 81-106CP Investment Fund Continuous Disclosure 81-106F1 Contents of Annual and Interim Management Report of Fund Performance
August 25, 2015	National Instrument 81-107 Independent Review Committee for Investment Funds
August 25, 2015	National Policy Statement 29 Mutual Funds Investing in Mortgages